2022-07-12_REVISION - M2010080 (3)

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paid at the same rate as described below. The parties agree, in good faith, to initiate renegotiate of this Agreement after fourth anniversary year on May 1, 2026. 3. PRICE: City shall pay Owner annually $12,000.00 as a fixed fee royalty for the City to remove from Owner's Property a minimum of one hundred sixty (160) annual truck loads of the Mining Materials. The first payment being due on May 1, 2022 and on May I` annually thereafter until this Agreement is terminated. A "Truck Load" shall be based on one full tandem axel truck or semi-truck of the Mining Materials removed from the property. The City shall submit to Owner an annual accounting of the number of Truck Loads removed from the Property on May 1 of each year. If the City exceeds the annual minimum of one hundred sixty(160)"Truck Loads of the Mining Materials removed from the Property, then City shall pay the Owner $75.00 per Truck Load for the number of Truck Loads that exceed the annual minimum as an "Unaccounted Fee."The City shall pay the Unaccounted Fee within thirty days of the annual review. The Owner agrees that the City is not limited from removing as many Truck Loads of the Mining Materials from the Property as the City desires. (Example of Unaccounted Fee: City removed one hundred eighty (180) Truck Loads in one year,the City shall be responsible to pay Owner$1,500.00 as an Unaccounted Fee. (180 annual Truck Loads removed— 160 annual Truck Loads minimum = 20 Truck Loads over minimum x $75.00 per Truck Load= $1,500.00)) 4. TIME TO REQUEST ADJUSTMENT: All payment for royalties rendered to Owner by City shall be presumed to be true and correct after thirty (30) days following the date of payment unless Owner takes written exception thereto and makes a written claim on City for adjustment. No adjustment favorable to City shall be made unless it is made within the same prescribed period. 5. CITY WARRANTS & REPRESENTS: a. The City agrees to backfill the excavation site with clean sand and/or dirt materials from the City landfill, at the discretion of the City on when the City completes the excavation of the Property. Clean sand and/or dirt means that said backfilled materials will not contain trash or debris from the landfill. b. The City agrees to erect a temporary fence around the excavation site during the active excavation of the Property. The City agrees to use reasonable efforts to minimize fugitive dust from use of City vehicles on the access road during the active excavation of the Property, which may include wetting the access road. The City shall not process the Mining Materials at the Property. c. During the active excavation of Mining Materials, the City agrees to secure the Property after completing the active excavation at the end of the day. Pursuant to the terms in Paragraph 6(f), the Owner acknowledges and agrees to keep the